Today gold becomes ₹756/10 gm silver ₹3,493/kg costlier:10 grams of gold reaches ₹1.42 lakh; 1 kg of silver prices rise to ₹2.19 lakh

Gold and silver prices are rising today. According to the India Bullion and Jewellers Association (IBJA), one kilogram of silver has increased by ₹3,493 to reach ₹2,18,967, which was at ₹2,15,474 on Friday. Meanwhile, 10 grams of 24 carat gold has risen by ₹756 to ₹1,41,915 . Earlier on July 17, it was at ₹1,41,159. Gold prices have increased by ₹283 this month, while silver prices have declined by ₹6,463 . On July 1, gold was at ₹1,41,632 per 10 grams and silver was at ₹2,25,430 per kilogram. 4 reasons why gold prices differ in different cities Import Duty on Gold, Silver Increased from 6% to 15% The central government has increased the duty on gold and silver imports from 6% to 15%. The government’s objective is to reduce foreign purchases and decrease the pressure on the country’s foreign exchange reserves. The government has taken this decision amid the US-Iran conflict. The government has imposed 10% Basic Custom Duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on gold. This brings the total effective tax to 15%. Earlier, in the 2024 budget, Finance Minister Sitharaman had reduced the import duty from 15% to 6%. Keep these 2 things in mind when buying gold from jewellers 4 Ways to Identify Real Silver Magnet Test: Real silver does not stick to a magnet. If it sticks, it’s fake. Ice Test: Place ice on the silver. Ice melts quickly on real silver. Smell Test: Real silver has no odor. Fake silver has a copper-like smell. Cloth Test: Rub the silver with a white cloth. If a black mark appears, it’s real.